Commissioner Bud Selig says he'll retire prior to the 2015 season

Bud Selig addresses the media during the 2012 World Series between the Giants and the Tigers.(AP)

Major League Baseball commissioner Bud Selig insists he's ready to retire when his contract expires in early 2015.

The wily commissioner is not hiding his plans to step away from baseball. Selig, who has been known to change his mind in the past, will be 80 years old when his current two-year contract expires prior to the 2015 season. He reportedly turned down a five-year deal last year from MLB owners. CBS Sports reported on Selig's imminent retirement plans.

Baseball has thrived during Selig's tenure, which began as acting commissioner in 1992. Many teams have set attendance records and 22 new ballparks have been built. MLB also expanded the playoffs to include the popular Wild Card in 1995.

Perhaps the greatest achievement on Selig's resume is Major League Baseball's aggressive adoption of digital media. The MLB Network was launched in 2009 and MLB Advanced Media oversees baseball's popular mobile apps, MLB.TV and web properties (YESNetwork.com is affiliated with MLBAM).

Lucrative TV rights deals with national and regional sports networks have also grown exponentially in recent years, contributing to all-time high team valuations. Indeed, the popularity of the game has never been greater.

Overseeing one of baseball's most successful eras has not been without some stumbles for Selig. The 1994 labor dispute, which ultimately led to canceling the World Series, is still a major black eye in baseball history. The tie in the 2002 All-Star Game, lack of progress on instant replay and the current beef between Miami Marlins' ownership and fans have all irked fans over the years. Still, the miscues have been relatively minor in the big scheme of baseball's considerable success on Selig's watch.

Prior to being named commissioner, Selig was the founding owner of the Milwaukee Brewers after purchasing the bankrupt Seattle Pilots franchise and relocating the team to Milwaukee in 1970. Selig says he plans to teach history at the University of Wisconsin after he retires.